Philippine taxation

Latest issues

Financing business made easier

24 Nov 2016

The earliest set of rules governing the establishment and operation of a financing company in the Philippines -- Republic Act No. 5980, otherwise known as “The Financing Company Act” -- dates back to the ’70s. Since then, the law, including its rules and regulations, went through several amendments in a span of almost five decades.

An ‘out with the old’ VAT exemption

17 Nov 2016

In September, the Department of Finance (DoF) submitted the first of six tax reform packages to Congress. The first package proposes to adjust the income tax brackets and to lower individual income tax rates, except for high earners who will be taxed at 35%. But while this proposal will generally result in less income tax paid by individuals, it will also mean reduced revenue collection for the government.

Tax-free exchange without APIC

10 Nov 2016

With tagged as among the Top 10 emerging markets, many domestic companies are acquiring, merging or consolidating their businesses to expand their operations, increase market share, and maintain competitiveness, among others.

Financing business made easier

24 Nov 2016

The earliest set of rules governing the establishment and operation of a financing company in the Philippines -- Republic Act No. 5980, otherwise known as “The Financing Company Act” -- dates back to the ’70s. Since then, the law, including its rules and regulations, went through several amendments in a span of almost five decades.

Read all Taxwise or Otherwise

New accounting for leases - so what?

07 Oct 2016

The new lease accounting standard will fundamentally change the accounting for lease transactions and is likely to have significant business implications. Almost all leases will be recognized on the balance sheet, with a right of use asset and financial liability that recognize more expenses in profit or loss during the earlier life of a lease. This will have an associated impact on key accounting metrics, and clear communication will be required to explain to the impact of changes to stakeholders.

Read all Client Advisory Letters

2016 Tax calendar

28 Dec 2012

This calendar lists all important payments and registration schedules from the BIR, SEC and other agencies.

National Internal Revenue Code of 1997

06 Sep 2007

A codal version of National Internal Revenue Code of 1997 (Tax Code). Including RR 10-2008, RR 16-2008,Consolidated Withholding Tax Regulations, Consolidated Fringe Benefits Tax Regulations

CWT and FBT Regulations Handbook: Philippines 2006

13 Aug 2013

Consolidated Withholding Tax (CWT) and Fringe Benefits Tax (FBT) Regulations Handbook: Philippines 2006